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This blog focuses on real estate, land use and construction-related topics affecting Virginia and the Washington, D.C. metro area. With topics ranging from contract drafting and negotiation to local and regional land use project updates, the attorneys at Bean, Kinney & Korman provide timely insight and commentary on the issues affecting owners, builders, developers, contractors, subcontractors and other players in the industry. If you are interested in having us cover a specific topic, please let us know.

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Posts tagged ARRA.

We are very enthused to announce that I have been asked to regularly post as a guest blogger with the Washington Business Journal.  WBJ is one of our very favorite sources of information, news and commentary regarding business, law and real estate.  The guest blog spots will be weekly and part of their Biz Beat page alongside posts by WBJ reporters.  Our initial post is an expansion of our previous discussions regarding how little stimulus funding for transportation has actually been spent.

We have a very high regard for WBJ and follow numerous WBJ reporters on twitter and publisher Alex Orfinger.  We regard being invited to serve in this capacity by the go-to information source as quite an honor.  For those not familiar or not as focused on the WBJ's offerings, we strongly recommend not only their print subscription, but signing up for their daily e-mail news alerts which contain critical updates for the business community.  We will keep everyone posted on further developments on this front here and invite you to check out the Biz Beat blog!

as slow as molassesA recent blog post at ENR reviewed recent reports on the spending of transportation related stimulus funding.  The post analyzed a report by the House Transporation and Infrastructure Committee detailing where all the states stand on stimulus spending.  Readers may recall that back in March we discussed Virginia's lagging in spending its stimulus dollars.

Simply stated, the lagging definitely continues. While I generally avoid editorializing and engaging in much opining here as opposed to reporting and analyzing, this topic truly deserves a rant.

Dripping FaucetThe Commonwealth of Virginia has been slow to apply for, award and perform contracts funded by the federal American Recovery and Reinvestment Act (ARRA, better known as the Stimulus bill).  As the construction industry has suffered through plummeting bidding numbers and 25% national unemployment, Virginia has lagged in even qualifying its projects for funding, let alone getting the money to work.  The bad news is this has slowed down much needed funding.  The good news is it looks like there is a lot more money coming down the pike into the economy in Virginia.

A recent report by Peter Bacque of the Richmond Times Dispatch indicated that federal legislation provided $694.5 million in federal transportation stimulus funding and that less than half that has even been awarded in contracts.  Mr. Bacque indicates the money spent to date has produced 454.4 full time jobs.  This contrasts with the reported job creation in Virginia for US Department of Transportation which sets jobs created or saved at 1,335.54.  Thus, the confusion over job creation and funding that we have previously discussed continues.  Based on the funding numbers, the USDOT funding is clearly not the only agency source of transportation funding for Virginia as there is a minimum of another $100 million in funding.

Dipping toes in the waterToday we tip our toe, quite gingerly we might add, into the ugly place where preliminary statistics and politics meet. In the last week, print news and the internet have been awash with reports on stimulus spending today and estimates of the impact that spending has had a jobs created or saved. In particular, Chris Thorman and Don Fornes of Construction Software Advice have culled through the quarterly reports which are publicly available at www.recovery.gov and provided a detailed state-by-state breakdown of construction stimulus spending amounts awarded, amounts "received", jobs created and the cost per job (this article was also posted to ENR's blog and both have separate comments).